From The Sify.com
New Delhi: Bank of Baroda and Andhra Bank along with the UK-based Legal and General Group on Friday signed a Memorandum of Understanding for a joint venture to offer life insurance products.
While Bank of Baroda is to have a 44 per cent share in the venture, Andhra Bank would have a 30 per cent share with Legal and General would hold the remaining 26 per cent.
Addressing the MoU signing ceremony, the Union Finance Minister, P. Chidambaram said that with less than 20 per cent of the population having an insurance cover, there was infinite opportunity for the new entity.
Wednesday, November 21, 2007
How To Find Cheap Auto Insurance
From www.bestsyndication.com
When we purchase a car we need some sort of car or auto insurance. Most of us want to buy it as cheap as possible. The quality of the insurance product means a lot though; it is important that the policy has a good coverage and it is also important with a good service from the insurance company, especially if and when an accident occurs.
Auto insurance is one of those items where the price can vary a lot based on which insurer you go through. Sometimes your rates can vary as much as 20-30% just because of different rating factors the company may use. By utilizing the power of the Internet you can be a savvy insurance shopper and find cheap auto insurance that fits your needs while providing the customer service and support you need.
When people are shopping for a new or used car they often don't think about insurance until the last moment. Several consumers fall into the trap of obtaining an instant car loan through the dealership and inadvertently signing up for the auto insurance through the finance company.
This can be one of the worst mistakes you can make. Often finance companies that roll insurance into the finance agreement will charge premium prices that have interest charges added in on top of the already high rates. When obtaining financing make sure you state up front that you will be getting insurance through a company of your choosing and not the finance company.
The best bet to finding the best deal on vehicle coverage is to do your research before you buy the car. By knowing up-front what type of car you are looking for most insurance companies can provide you with a basic quote that is in the ballpark of the rates you can expect to pay. Remember, never drive off the lot with any car until you have the insurance purchased and finalized. Accidents can happen anywhere at any time. The last thing you want to happen is to be in an accident without insurance.
Star Health Insurance goes direct
From Sify.com
Star Health & Allied Insurance, one of the two standalone health insurance companies in the country, has adopted a new model of managed healthcare that does not need the intervention of third party administrators (TPAs), which otherwise is an integral system of mediclaim services.
"Star Health has a direct tie-up with over 3000 hospitals across the country and the list is growing everyday. The customer gets an end-to-end service from Star Health without having to depend on a third party and the hospitals are also happy to deal directly with an insurance company. This has been a major boon for us", Anand Roy, assistant vice-president, marketing, Star Health, said.
Chennai-based Star Health, the first operative health insurance company in the country - Apollo, DKV Insurance is the other player in the space - is aiming at Rs 200 crore premium income this fiscal and is lining up a long-term, high-end health policy.
"Being the first off the block has given us a headstart. We plan to increase out network to 125 branches by this year-end. Having acquired approximately Rs 100 crore of premium income in the first five months, we are now looking at Rs 200 crore in 2007-08", Roy said.
Although health insurance, at Rs 3,500 crore premium, is set to emerge as the second biggest portfolio in general insurance (after motor insurance), it has been a relatively small business segment characterised by low profit margins and high volume losses.
Individual health companies are yet to hold stage as the bulk of health insurance is driven by mediclaim from nationalised companies.
Two of the company's fastest moving products include the family floater and senior citizens policies. It recently launched an insurance policy targeted at HIV+ persons and has a pipeline of "exciting" products.
Asked whether the company has witnessed switches from other companies, Roy said, "We have a mix of both new customers as well as policyholders from other insurance companies. We ensure that if any person moves to us, they continue to enjoy all benefits as per their existing policy".
Star Health & Allied Insurance, one of the two standalone health insurance companies in the country, has adopted a new model of managed healthcare that does not need the intervention of third party administrators (TPAs), which otherwise is an integral system of mediclaim services.
"Star Health has a direct tie-up with over 3000 hospitals across the country and the list is growing everyday. The customer gets an end-to-end service from Star Health without having to depend on a third party and the hospitals are also happy to deal directly with an insurance company. This has been a major boon for us", Anand Roy, assistant vice-president, marketing, Star Health, said.
Chennai-based Star Health, the first operative health insurance company in the country - Apollo, DKV Insurance is the other player in the space - is aiming at Rs 200 crore premium income this fiscal and is lining up a long-term, high-end health policy.
"Being the first off the block has given us a headstart. We plan to increase out network to 125 branches by this year-end. Having acquired approximately Rs 100 crore of premium income in the first five months, we are now looking at Rs 200 crore in 2007-08", Roy said.
Although health insurance, at Rs 3,500 crore premium, is set to emerge as the second biggest portfolio in general insurance (after motor insurance), it has been a relatively small business segment characterised by low profit margins and high volume losses.
Individual health companies are yet to hold stage as the bulk of health insurance is driven by mediclaim from nationalised companies.
Two of the company's fastest moving products include the family floater and senior citizens policies. It recently launched an insurance policy targeted at HIV+ persons and has a pipeline of "exciting" products.
Asked whether the company has witnessed switches from other companies, Roy said, "We have a mix of both new customers as well as policyholders from other insurance companies. We ensure that if any person moves to us, they continue to enjoy all benefits as per their existing policy".
Insurance company asked to pay up
From The Times Of India
AHMEDABAD: The Consumer Disputes Redressal Forum, Ahmedabad District (Rural), has ordered United India Insurance Company Limited to pay $5041.65 as compensation to Smruti Bhaskar Patel for gross negligence, deficiency in service and unfair trade practices.
The forum ordered the insurance company to pay Smruti $5041.65 — $3632.15 plus $ 1409.50 with 9 per cent cumulative interest from the date of the complaint until recovery.
The amount will have to be paid in Indian rupees as per the exchange rate prevailing on the date of the complaint. The forum also ordered the company to pay her Rs. 10,000 for tension, hardship and inconvenience suffered by her. Smruti's complaint was filed by Consumer Education Research Society, Ahmedabad.
Smruti had paid a premium of Rs 3, 281 and taken an overseas mediclaim policy from United India Insurance on April 22, 2002, covering her during the period from April 27 to July 10, 2002. During her stay in the USA, Smruti suffered from acidity-related laryngeal lesion and was treated at the John Hopkins Hospital on July 1 and 2, 2002. She underwent a surgery on the second day.
Smruti paid US $ 3632.15 towards the charges for surgery and subsequent hospitalisation up to July 9, 2002. She submitted her claim form with original documents to Mercury International Assistance and Claims Ltd., the UK-based agent of United India Insurance. They returned some of the documents along with an undated letter and asked for a few other documents.
After futile correspondence, she sought the intervention of CERS, which in turn wrote to the chairman of the insurance company requesting an early settlement of the claim. Eventually, CERS and Smruti filed a complaint before the forum on May 30, 2003.
AHMEDABAD: The Consumer Disputes Redressal Forum, Ahmedabad District (Rural), has ordered United India Insurance Company Limited to pay $5041.65 as compensation to Smruti Bhaskar Patel for gross negligence, deficiency in service and unfair trade practices.
The forum ordered the insurance company to pay Smruti $5041.65 — $3632.15 plus $ 1409.50 with 9 per cent cumulative interest from the date of the complaint until recovery.
The amount will have to be paid in Indian rupees as per the exchange rate prevailing on the date of the complaint. The forum also ordered the company to pay her Rs. 10,000 for tension, hardship and inconvenience suffered by her. Smruti's complaint was filed by Consumer Education Research Society, Ahmedabad.
Smruti had paid a premium of Rs 3, 281 and taken an overseas mediclaim policy from United India Insurance on April 22, 2002, covering her during the period from April 27 to July 10, 2002. During her stay in the USA, Smruti suffered from acidity-related laryngeal lesion and was treated at the John Hopkins Hospital on July 1 and 2, 2002. She underwent a surgery on the second day.
Smruti paid US $ 3632.15 towards the charges for surgery and subsequent hospitalisation up to July 9, 2002. She submitted her claim form with original documents to Mercury International Assistance and Claims Ltd., the UK-based agent of United India Insurance. They returned some of the documents along with an undated letter and asked for a few other documents.
After futile correspondence, she sought the intervention of CERS, which in turn wrote to the chairman of the insurance company requesting an early settlement of the claim. Eventually, CERS and Smruti filed a complaint before the forum on May 30, 2003.
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